Metal Recycling Market Size Worth $ 395.48 Billion By 2032 | CAGR: 5.70%

The global metal recycling market size is expected to reach USD 397.66 billion by 2032, according to a new study by Polaris Market Research. The report “Metal Recycling Market Share, Size, Trends, Industry Analysis Report, By Type (Ferrous Metal and Non-Ferrous Metal); By Scrap Type; By End-User; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing adoption of advanced recycling process among the major manufacturers to procure raw materials in order to produce the finished goods without affecting its properties and rising urbanization and industrialization around the world, are major prominent factors influencing the market growth. The surge in the inclination towards the recycling of various metals for energy saving purpose and increase in the number of awareness programs for sustainable waste management practices coupled with the incorporation of new production, setting new standards in performance and quality, is positively affecting the market. For instance, in April 2023, REDWAVE, introduced new sorting machine “XRF Fine Sorting Machine”, setting new benchmarks. This machine can detect & sort blend of the non-ferrous metals to produce high quality products like pure copper, zinc, & others.

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The integration and use of Internet of Things (IoT) devices and artificial intelligence in metal recycling process is becoming popular, as it can effectively improve efficiency and accuracy, reduce costs, and enhance the quality of recycled metals and also ensures the environment friendliness. Apart from this, there are also several new and innovative recycling technologies being developed such as metal separation, scrap-to-liquid fuels, additive manufacturing, and chemical recycling, that allow business to gain a competitive edge in the market.

Governments around the world are implementing several regulations to promote the use of recycled materials in various industries. For example, the European Union's Circular Economy Action Plan sets ambitious targets for the use of recycled materials in the manufacturing sector, which are expected to drive demand for recycled metals and create new market opportunities.

Metal Recycling Market Report Highlights

• Ferrous metal segment held the maximum market share in 2022, which is mainly driven by widespread utilization of the production across numerous end-use industries like electronics and automotive
• New scrap segment is projected to grow at a highest CAGR during the anticipated period, due to its various beneficial features including low production costs and reduced energy consumption
• Construction segment led the industry market with significant share in 2022, mainly due to continuous growth in the construction industry across the globe due to rapid industrialization and urbanization
• Asia Pacific region dominated the global market with healthy growth rate in 2022, owing to significant growth in population burden and robust presence of well-developed recycling industry
• The global key market players include European Metal Recycling, Commercial Metals Company, Norsk Hydro ASA, Tata Steel, Sims Metal Management, and Nucor Corporation

Polaris Market Research has segmented the metal recycling market report based on type, scrap type, end-user, and region:

Metal Recycling, Type Outlook (Revenue - USD Billion, 2019 - 2032)                                 

• Ferrous Metal
• Non-Ferrous Metal

Metal Recycling, Scrap Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Old Scrap
• New Scrap

Metal Recycling, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

• Construction
• Automotive
• Equipment Manufacturing
• Shipbuilding
• Others

Metal Recycling, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Metal Recycling Market Report Scope